Question

Assuming a 365 day year , Gurel Industries calculated an average of 53 days to collect its accounts receivable in 2007 During 2007. accounts receivable tumover

Answer 1

Answer: Was approximately 6.89

Explanation:

Based on the information that's provided in the question, the accounts receivable turnover rate will be calculated thus:

Receivable Turnover Rate will be:

= 365/ Number of Days

= 365/53

= 6.8867

= 6.89 approximately